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The global autonomous cars market attained a value of nearly USD 40.39 billion in 2023. The market is further estimated to grow in the forecast period of 2024-2032 at a CAGR of 20.6% to reach a value of USD 217.87 billion by 2032.
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Asia Pacific holds a significant share in the autonomous cars market on account of the surging R&D activities across the region. The increased adoption of vehicles and rising investment by automakers along with technological advancements are further bolstering the market growth of autonomous cars across the region. There are a high number of road accidents due to the growing population and rising demand for better safety features in the vehicles. These factors are likely to fuel the market growth of autonomous cars is in the Asia Pacific during the forecast period.
There is also a high presence of tech companies in the Asia Pacific region like Softbank, Baidu, Alibaba, and Didi Chuxing. A strong market presence, growing marketing strategies, and surging focus to enhance the adoption of autonomous vehicles among consumers, are expected to propel the market growth. Countries like Singapore, Japan, and China have registered robust market growth in autonomous cars in the Asia Pacific. Their growth can be attributed to aspects like technology readiness, public acceptance, and regulatory matters in the automotive industry.
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An autonomous car is known as a self-driving car. Such a car can do everything that an experienced human driver does and can go anywhere a traditional car can go. It is a vehicle capable of sensing its environment and operating without human participation. A human passenger is not needed to be present in the vehicle at all, nor is needed to take control of the vehicle at any time.
The autonomous cars market, by type, is divided into:
The EMR report looks into the regional markets of autonomous cars like Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa.
Based on type, the semi-autonomous segment is likely to register significant growth in the autonomous cars market across the globe during the forecast period. Semi-autonomous vehicles are likely to be more fuel-efficient as compared to others. They can decelerate and accelerate more efficiently than a human driver while the travel time and idling time are expected to be lessened.
The semi-autonomous segment is likely to reduce congestion and enhance highway capacity as the system safely accommodates shorter following distances, further boosting the market demand for autonomous cars globally. Moreover, semi-autonomous vehicles deliver goods and services more efficiently and quickly which is further attracting more consumers to the worldwide market of autonomous cars.
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The report presents a detailed analysis of the following key players in the global autonomous cars market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market size at a global level attained a value of nearly USD 40.39 billion.
The market is assessed to grow at a CAGR of 20.6% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of almost USD 217.87 billion by 2032.
The major market drivers are increasing importance of safety, growing urbanisation, and a decline in traffic congestion.
The key market trends include technological advancements along with rapid adoption of the Internet of Things (IoT), and growing investments in digital infrastructure.
The major regions in the market are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The various types of autonomous cars in the market currently are fully autonomous and semi-autonomous types.
The major players in the market are Tesla, Inc., Toyota Motor Corporation, Audi AG, and Mercedes-Benz AG, among others.
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